There’s one thing in business we’ll never get to practice

As we build our businesses, we get to practice and gain proficiency in the details of running of it.

Details like hiring: some of us may have hired a few employees over time and each time we do it, we will get a little bit better at it; finding what works and what doesn’t.

When it comes to managing your people: I suspect that you’ve made some mistakes (like we all have) and had some wins, and have attained a decent level of competency in managing your team through the years.

I also bet that how you serve your customers has improved in some way over time as you do this over and over again. There may be still room for improvement, but you practice this day-in and day-out and it’s my observation that your company is very good at serving its customers.

So what don’t we get to practice?

Succession. Exit. Moving on from your business.

We only get to exit our business once.

In some cases, people will go on to build other companies and eventually exit those too, but for most of us, we will have one opportunity to do this.

You don’t get a second try. You don’t get to practice.

And, some businesses unfortunately turn out to be unsellable.

I don’t want your business to be unsellable.

However, most of us don’t plan for an eventual exit. The best time to sell your business is when you’re doing well; performing well and have some key structures built in:

1) A management team - if you remove the owners out of the business, does it continue to function? If the answer is no, you have an opportunity now to work on this so you improve your chances for when you are ready to exit.

2) Are you in an industry that’s experiencing a decline? Are sales of your products and services declining? A buyer wants to know that when they buy your business there’s room for growth. It’s about the future for that buyer, not the past. So, if you’re declining, it could be time to consider a pivot or adjusting your products and services so you find a way to grow.

3) Do you have a diversified customer base? Exiting your business will be more difficult if your revenue depends on any customer that provides a significant portion of your revenue. This represents significant business risk that any potential buyer could shy away from.

There are other considerations but these are some of the top reasons that businesses become unsellable.

So, even though you will only exit once, you CAN position yourself so you get the most value that you can when it comes time for you to sell.

If this has got you thinking about your future, then it’s time we had a chat. Click and book a time that works for you. It’s free and we can talk more about what preparing could look like for you. And, hey in the meantime, if you position yourself now for a future exit do you know what you’ll also get? A very enjoyable business to run :).

NOW is YOUR time.

Ariana